Bill > H32

This bill, titled "Making uniform the law regarding trade secrets," proposes to adopt the Uniform Trade Secrets Act, which will replace existing Massachusetts laws on trade secrets. The Act defines key terms such as "improper means" (which includes theft, bribery, or unauthorized intrusion), "misappropriation" (the wrongful acquisition, disclosure, or use of a trade secret), and "trade secret" itself, which refers to information that provides an economic advantage because it's not generally known and is protected by reasonable efforts. The bill outlines remedies for trade secret misappropriation, including injunctions to stop the misuse of secrets, monetary damages for actual losses or unjust enrichment, and potentially exemplary damages for willful and malicious violations. It also allows for the recovery of attorney's fees and costs in certain bad-faith situations. The Act emphasizes the importance of protecting the secrecy of alleged trade secrets during legal proceedings and sets a three-year statute of limitations for bringing misappropriation claims. Importantly, this new law will supersede conflicting state laws but will not affect contractual remedies, remedies related to government submissions, other civil remedies not based on trade secret misappropriation, or criminal remedies. The Act is intended to create uniformity in trade secret law across states and will take effect on July 1, 2016, applying only to misappropriation occurring on or after that date.